### Table 11: Robustness Tests

| Test | OADR Coef / Stat | Range / p-value | SD / Detail | N |
|:--|--:|--:|--:|--:|
| Jackknife OADR | 8.86 | [7.77, 10.06] | 0.45 | 31 |
| Jackknife Spline(20%) | -17.49 | [-19.47, -14.97] | 0.89 | 31 |
| AA- threshold (baseline) | N_safe=910 | C=30 | - | - |
| AA threshold | N_safe=880 | C=30 | - | - |
| Pre-GFC (1990-2007) | 10.67** | -17.61** | 434 | 0.202 |
| Post-GFC (2010-2024) | 6.77 | -16.25** | 402 | 0.100 |
| OECD rated | 20.18** | -29.47*** | 765 | 0.219 |
| Non-OECD rated | 5.11 | -5.43 | 125 | 0.252 |
| Placebo OADR | 8.86 | perm_p=0.000 | perm_mean=-0.01 | N_perm=200 |
| Placebo Spline(20%) | -17.49 | perm_p=0.000 | perm_mean=-0.01 | N_perm=200 |

*PanelGLS with AR(1). Dependent variable: rating_numeric (21-point scale). Jackknife: leave-one-country-out. Placebo: 200 permutations of demographic variables.*
